Northern Society of Chartered Accountants

Extend deadlines for businesses impacted by Storm Desmond 12 December 2015

ICAEW is urging Government to automatically extend filing deadlines for businesses affected by Storm Desmond over the last weekend.

Cumbria floods

With many businesses across Cumbria, the North West, Northern Ireland and Scotland flooded and without power, easing pressure on owners so that they can concentrate on getting their business up and running is critical to local economies.

Peter Hollis, Chair of ICAEW Practice Committee, said: ‘The last thing that businesses affected by flooding want to be worried about is meeting deadlines for tax returns. Their first priority will be getting back up and running again. Government should be doing all they can to help by automatically extending filing deadlines for businesses in affected postcodes, rather than on a case-by-case basis. This will make a major difference to those businesses who will need to file VAT, self-assessment and income and corporation tax returns in the next three months.’

ICAEW wants Government to help those businesses impacted with an:

• Extra 3 months to file VAT returns and pay the associated tax without penalties arising
• Extra 3 months to file income tax and corporation tax returns and pay associated tax without penalties arising,
• Government to fund local authorities to suspend collection of business rates for three months while businesses get back in their feet.
• Government to provide guarantees to banks to enable assistance to affected businesses on a case by case basis.

ICAEW has also updated advice for businesses affected by flooding

Clive Lewis, ICAEW Head of Enterprise adds: ‘HMRC has a good track record at helping those businesses who get in touch as seen with previous natural disasters. Storms such as Desmond demonstrate the need though for any business, no matter how large or small, to have a risk management plan that will allow them to continue to function, even if their premises are damaged. When the worst happens and disaster strikes, it is often too late to start thinking about what should be done.’

About ICAEW and Northern Society of Chartered Accountants

ICAEW is a world leading professional membership organisation that promotes, develops and supports over 144,000 chartered accountants worldwide. We provide qualifications and professional development, share our knowledge, insight and technical expertise, and protect the quality and integrity of the accountancy and finance profession.  As leaders in accountancy, finance and business our members have the knowledge, skills and commitment to maintain the highest professional standards and integrity. Together we contribute to the success of individuals, organisations, communities and economies around the world.

Because of us, people can do business with confidence.

The Northern Society of Chartered Accountants (NorSCA) represents 4,000 ICAEW members and ACA students working in business and the finance profession across the North East of England, Teesside, Northern Yorkshire and Cumbria. We have been assisting businesses in the north of England and producing chartered accountants for over 130 years.